Canadian Stocks Are Up Slightly Despite Commodity Weakness-- Canadian Commentary

(RTTNews) - The Canadian stock market is trading modestly higher at the start of the new trading week, despite struggling commodity prices. The majority of the Canadian sectors are trading in the green this morning, with the notable exceptions of the energy and mining sectors. Crude oil prices have slipped beneath $45 a barrel this morning and metal prices remain relatively flat.

The majority of the European markets are trading in the red Monday. The markets were sharply higher earlier in the day, after the failed coup in Turkey and news of a takeover bid for chipmaker ARM Holdings. However, the markets reversed after Bank of England policymaker Martin Weale said there is little urgency to cut interest rates and he was unsure if he would back an interest rate cut at the central bank's August meeting.

Markets in the United States got off to a weak start Monday, but have since managed to poke their heads into positive territory. Economic data is on the light side at the start of the week and investors are awaiting corporate earnings results from a slew of big name companies this week.

The benchmark S&P/TSX Composite Index is up 37.55 points or 0.26 percent at 14,519.97.

On Friday, the index closed down 32.10 points or 0.22 percent, at 14,482.42. The index scaled an intraday high of 14,531.74 and a low of 14,482.42.

The Diversified Metal and Mining Index is declining 1.91 percent. HudBay Minerals (HBM.TO) is decreasing 0.42 percent and Lundin Mining (LUN.TO) is dropping 1.96 percent. First Quantum Minerals (FM.TO) is lower by 2.84 percent and Teck Resources (TCK-B.TO) is losing 1.67 percent. Capstone Mining (CS.TO) is down 1.12 percent and Sherritt International (S.TO) is falling 1.10 percent.

The Energy Index is down 0.59 percent. Crude oil prices have slipped beneath $45 a barrel this morning.

Cenovus Energy (CVE.TO) is losing 0.05 percent and Suncor Energy (SU.TO) is lower by 0.44 percent. Encana (ECA.TO) is declining 0.87 percent and Canadian Natural Resources (CNQ.TO) is falling 1.06 percent. Enbridge (ENB.TO) id decreasing 0.33 percent and Imperial Oil (IMO.TO) is weakening by 0.39 percent.

The Capped Healthcare Index is gaining 1.52 percent. Concordia Healthcare (CXR.TO) is rising 1.31 percent and Valeant Pharmaceuticals International (VRX.TO) is up 5.38 percent. Extendicare (EXE.TO) is also climbing 0.98 percent.

The Capped Information Technology Index is climbing 0.72 percent. Constellation Software (CSU.TO) is higher by 1.12 percent and Sierra Wireless (SW.TO) is increasing 0.58 percent. BlackBerry (BB.TO) is advancing 1.17 percent and Descartes Systems Group (DSG.TO) is gaining 2.76 percent.

The Capped Industrials Index is rising 0.62 percent. Finning International (FTT.TO) is advancing 0.27 percent and Air Canada (AC.TO) is climbing 1.37 percent. Canadian National Railway (CNR.TO) is increasing 0.82 percent and Canadian Pacific Railway (CP.TO) is up 0.66 percent.

The Gold Index is higher by 0.33 percent. Gold prices are up slightly Monday morning. The recent rally in gold prices has fizzled over the past two weeks due to an upbeat U.S. jobs and signs the Federal Reserve may still raise interest rates this year.

Goldcorp (G.TO) is advancing 0.24 percent and Barrick Gold (ABX.TO) is climbing 0.58 percent. Kinross Gold (K.TO) is increasing 1.09 percent and Yamana Gold (YRI.TO) is adding 0.79 percent. IAMGOLD (IMG.TO) is rising 3.10 percent and B2Gold (BTO.TO) is up 0.53 percent.

The Capped Materials Index is also up 0.35 percent. Franco-Nevada (FNV.TO) is climbing 1.07 percent and Silver Wheaton (SLW.TO) is gaining 1.66 percent. Agrium (AGU.TO) is higher by 0.54 and Potash Corp. of Saskatchewan (POT.TO) is adding 0.98 percent.

The heavyweight Financial Index is increasing 0.34 percent. Toronto Dominion Bank (TD.TO) is gaining 0.28 percent and Royal Bank of Canada (RY.TO) is higher by 0.46 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.37 percent and Bank of Montreal (BMO.TO) is climbing 0.41 percent. Canadian Imperial Bank of Commerce (CM.TO) is rising 0.55 percent.

Ag Growth International Inc. (AFN.TO) will acquire Mitchell Mill Systems Canada and its U.S. business. The stock is now up 1.45 percent.

Paladin Energy (PDN.TO) says it has advanced strategic initiatives with respect to partnerships, strategic investment, funding and corporate transactions. Shares are surging 13.51 percent.

SNC-Lavalin Group (SNC.TO) is rising 0.59 percent. The company was granted a 5-year engineering consultancy framework agreement by Oryx GTL.

On the economic front, the average asking price of a house in the United Kingdom was down 0.9 percent on month in July, property tracking website Rightmove said on Monday - coming in at 307,824 pounds. That followed the 0.8 percent increase in June.

British retailers logged the steepest decline in footfall since early 2014, data published by the British Retail Consortium and Springboard showed Monday. In June, footfall dropped 2.8 percent in June from last year, bigger than the 0.3 percent increase in May. This was the sharpest fall since February 2014.

Homebuilder confidence in the U.S. unexpectedly saw a modest deterioration in the month of July, according to a report released by the National Association of Home Builders on Monday. The report said the NAHB/Wells Fargo Housing Market Index edged down by a point to 59 in July after climbing by two points to 60 in June. Economists had expected the index to inch up to 61.

In commodities, crude oil futures for August delivery are down 0.97 or 2.11 percent at $44.98 a barrel.

Natural gas for August is down 0.001 or 0.04 percent at $2.755 per million btu.

Gold futures for August are up $6.10 or 0.46 percent at $1,333.50 an ounce.

Silver for September is down $0.115 or 0.57 percent at $20.05 an ounce.